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Jan 25, 2013 4:00am EST
bank are now threatening many, including mario draghi. he served as head of the bank at the time. italian prime minister mario monti has signaled he is willing to discuss the issue is parliament. ross. >> yeah. of course, we were speaking to the govern of the bank of italy about this, as well, this morning. he was saying, look, we didn't drop the ball over derivative trade. this is -- he said we shouldn't have any concerns about the stability of this particular bank. >> the situation was known and under careful consideration for a long time. as a matter of fact, we have been pulling the liquidity conditions of the bank and in the eba analysis and the need for further capitalization, we clearly doubt that there was a need of further capitalization and the bank was not able to provide -- and then the issue of the loan. so this is the process that we are considering. >> all right. that's governor of the bank of italy. also, coming up on today's program, mario draghi is speaking here in davos in around about 20 minutes. don't go anywhere. >>> coming up from davos, in the meantime, th
Jan 7, 2013 12:00am EST
measures. from mario draghi to christine lagarde, you have available to use some of the best names on the planet, which will help you to overcome crisis. however, my presence here today is an opportunity to thank you for your generosity and for your solidarity and to recall that no country can find its way out of poverty simply by handouts and charity. certainly, haiti still needs your assistance, but the haitians, what they need is productive work. they need to trade, and they need direct investment. haiti is that the doors of the americas. america is fighting its way back to growth, and south america which did not have a crisis and has continued its growth. haiti plays a strategic platform hub. it is an area that is conducive to investment. it is a jumping off point for companies to participate in the big construction of our country and where they can reach out to the rest of the region. we need airports. we need roads. we need electricity generation and hotels. we have fertile soil, and we can easily begin to feed our population again and to export our products. 80 is a climate
Jan 27, 2013 2:00pm EST
the biggest economy. so i think contagion, unfortunately, is alive and well. my friend mario draghi is talking about positive contagion. i certainly hope that he is right. i think one of the things i learned from my friend paul volcker was, and i learned this early in the 1980s during the latin american debt crisis, is that timing is of the utmost importance because the longer you take to fix a situation, the worse it gets. and, again, there's been no sense of urgency or timing in europe up til very recently. the feeling was that the policymakers there, politicians had all the time in the world, and we see what that's brought vis-a-vis the growth or lack thereof in the area. so i think timing really and when you announce timelines, you've got to live up to them. and we till don't have -- we still don't have important timelines that are being lived up to there. i think another one is be we want a program -- if we want a program to succeed in a country, austerity or better called reform program, we've got to make sure that the local populace of a country supports it. and that was, that's
Jan 28, 2013 7:00am EST
of the world including europe, where, although i must say at the ecb, mario draghi have shown that. i have seen a lot of the policymakers and policy makers have not. i think we need to see that worldwide, in our own country. just witness this discussion that went on at every -- whatever you want to call it at the end of the year. and we have sort of the best to come yet because we haven't decided on the debt ceiling and spending. and so this is where we really need leadership, which we were used to. i tend to be an optimist about the united states because people gave up on us on vietnam, on the watergate crisis, and we came charging back. i think we will do here. but it would be nice if we didn't have to go to the cliff each time to do it. >> and again, when you start talking about the kind of relationships and the kind of leadership, you know, we still seem to have this atmosphere where people talk more at each other than trying to find some common ground, some common goal in getting it down. you broach the whole growth of growth and jobs, and that is the answer to all of us. you als
Jan 28, 2013 12:30am PST
europe over the next five to seven years. they clearly have bought time with what mario draghi did, but they've done some structural forums. they've raised their pension ages. they've done labor market reform. nothing has happened in the united states. actually nothing. there's reasons for optimism from the shale. people are excited talking about that. and there's some optimism coming from the easy money, i suppose, still. but i think in the united states, you know, if we get to the consensus, which needs to be 3% at the end of the year, i think that would be good. >> let me ask you about the economy, relative to what's going on in washington. we know this week that the house voted to extend the debt ceiling for a few months. we still face the sequestration and the continuing resolution. how does this play out? >> forever. >> feels like that. >> forever. they don't agree. so we're seeing an overlay of this, you know, one side the republicans, the other side the democrats. and i must say post-election, president obama has become more aggre aggressive. military spending, they don't a
Jan 26, 2013 2:00pm PST
term austerity is here to stay. >> recovery may be on the way according to mario draghi. we have been used to hearing nothing but gloom and doom. now looks like there could be a sliver of hope. the waters of the greek island of crete could hold up to $3.50 trillion a cubic meters of natural gas. from athens. >> in greece, good news is hard to come by but the deposits of natural gas and oil that geologists' lie waiting to be found. a report by germany posted a which a bank says that if proven, this could eventually be worth hundreds of billions of dollars. the only energy extraction company currently produces just enough oil to stay afloat from a single existing fields in the sea. with help, things could be very different. >> we need oil and gas companies to come to greece to work together with us. we know the country. we know the geology. corporations would be very welcome to open of the parts of greece and hopefully find the big oil and gas fields that will make the difference. >> it is a tantalizing prospect. there's a pay a fortune. it could exist naturally in abundant quantities a
Jan 24, 2013 2:30pm PST
among others, such as the head of the european central bank, mario draghi. >> to our parliamentary study is in berlin for our political correspondent. is it not surprising how similar the speeches were, both calling for improvements as far as competitiveness goes? >> it is ironic, isn't it? in the key demands, more efficiency, or competitiveness -- in fact, he is echoing what many northern europeans also feel, notably germany, the netherlands, the scandinavian countries. they all want this kind of reforms -- more efficiency, more competitiveness. the difficulty is that only yesterday, he linked those to an exit threat. that was extremely dangerous for him because his own business community sees that as a threat to investment, the insecurity that that means for the business community in britain, and it also means, of course, that he alienates with all sorts of threats -- he alienates his natural allies in europe. >> why the contradiction, if you could call it that? >> cameron himself is, i really, genuinely interested in britain remaining part of a reform european union. the problem
Jan 1, 2013 7:00pm PST
, whatever it takes -- mario draghi. the esm is up and running with the far wall and there is a move toward banking union. yet across europe, forecasters see little sign of an economic fall. nine of the 17 states will fill the chilling effects of recession. even here in germany, prospects for growth look pretty frigid. elsewhere, it will be much worse. unemployment is growing with all the anger and desperation it brings. in italy, they are taking a plunge, too. a wobbly economy further threatened by elections in february and the prospect of an unlikely political comeback. here in the u.k. there are still fondly remembering the specter of the queen's jubilee and they successfully stage olympics. but good economic news is hard to find. >> there is really nothing much on the horizon that makes you feel optimistic. it will be a sort of groundhog year for the u.k. economy, much the same as 2012. >> many saw 2012 as being the year european currency unraveled. in 2013, they will struggle with political and social cuts of austerity, and agonizing process of making economies more competitive.
Jan 10, 2013 6:30pm PST
surprises as mario draghi announced the results of the ecb's first policy meeting of 2013. the ecb will keep interest rates at their historic low of 0.75%. at the end of last year, there was speculation it might lower rates even further, but draghi said the governing council's decision had been unanimous. despite signs that the eurozone has turned a corner, the ecb president cautioned that it is still too early to claim success. >> the economic weakness in the euro area is expected to extend into 2013. in particular, necessary balance sheet adjustments in financial sectors and persistent uncertainty will continue to weigh on economic activity. >> the ecb says figures will not reflect an upturn in the eurozone economy until the second half of the year. >> let's move on to the a stock market action. after getting a boost from that ecb optimism, the rally then faded off in frankfurt. our correspondence sent us this summary from the frankfurt stock exchange. >> unanimously, the 23 members of the council of the european central bank decided against lower interest rates for euroland, which means c
Jan 3, 2013 4:00am PST
. mario draghi claimed that he is just going to do whatever it takes to keep the euro together, has kept some column. but that could blow up. there are some big elections in 2013 in europe, particularly in germany and italy. the outcomes of those could have a huge impact on if the eurozone is able to stay together, and if that is going to have an effect on the united states economy. there are just a lot of open questions there. certainly it adds a lot of things for investors to keep in mind. > jeremy glaser from morningstar. thanks so much. > > you're welcome. coming up, we have a preview of what hollywood has in store for moviegoers in the year ahead. that's next. and there's a big advantage parents can give their kids -- making sure they get active at least 60 minutes each day. studies show that physical activity not only helps kids stay healthy, it can enhance important skills, like concentration and problem solving, which can improve academic performance. this means physical activity can help your kids in the most important game of all -- life. 2012 was a box office smash with a reco
Jan 25, 2013 2:30pm PST
crisis may not be over, the head of the european central bank, mario draghi, sees positive signs according to statements he made in davos. >> the level of activity is in the process of stabilizing at very low levels. we foresee a recovery in the second part of the year. >> there will still be some time before the effects of the reforms spread to european businesses as well. >> traders liked the results of the latest business report. dorothy sent us this report from the frankfurt stock exchange. them and good news traders have been waiting for. the market gained momentum. traders now believe in the strong rebound in the first quarter. there were also positive signs from the eurozone banking sector. banks are going to pay back earlier than expected. but the largest german solar group cannot pay back its debt any more and ask donors for a fare cut. share price collapsed 30%. >> let's get a closer look at those market numbers for you now. we will stick in frankfurt where there was a rally for the dax. it gained nearly 1.5% there, hitting a five-year high. the euro stocks 50 also got
Jan 25, 2013 6:00am EST
starbucks and p&g is on the way. and ecb president mario draghi making news in the mountains. you know where that is, in davos. it's january 25th, 2013, and "squawk box" begins right now. >>> good morning, everybody. welcome to "squawk box" here on cnbc. i'm becky quick along with joe kernen. andrew ross sorkin is in davos for the world economic forum, good morning, andrew. >> good morning, becks, how are you? >> great. >> we're going to have you come back here next time. >> i don't know. it's cold there. you're doing a great job. >> isn't it colder where you are than it is here? >> it is, but we're inside. we're inside so you're the one who is really toughing things out out there. >> what was that call that you did to him? >> yodel lay-he-hoo. >> what were the calls they did for you? ricola! >> oh, yeah. ricola! >> maybe not. that's a product, isn't it? >> it is, but it has the swiss flag thing on it, too. >> andrew, those long underwear, how many pairs did they send you? let us know what we're dealing with here. are you wearing the same crusty pair at this point? >> no. i've got diff
Jan 10, 2013 4:00am EST
show. we'll find out how mario draghi plans to shape the year. plus, the oscars, we'll look at the favorite to pick up the golden statue from los angeles at 11:40 e.t. lincoln got ten nominations yesterday. but first, china hs surprised the market with a very strong set of trade numbers. exports for december blowing past expectations hitting a seven-month high. our china correspondent has the details for us and joins us in singapore. hi, eunice. even orr iron ore is up a bit w will reflect the commodity prices. >> yeah. and these numbers blew everybody away especially after the november numbers came in so poorly that everybody's expectations were managed downwards. the exports came in at 14.1% for december. imports came in strong at 6% for december, as well. so all the numbers look pretty good. now, the reason why people were so thrown off by these numbers was just because the data has been showing that the weakness in europe as well as the weakness in the united states has been a really -- having an impact here in china, especially on the manufacturing sector. but that particular
Jan 10, 2013 9:00am EST
at the euro and think mario draghi, you can see the 24 hour chart. flirting with 132. high water mark on the recent move. but now look at the dax. up about half of 1%. everybody saying it's because he's kind of talking about recovery. i looked at their unemployment data. he's not convincing me. i think the markets are uniform in one thing. if you keep giving gifts, stocks keep going up. he said he's not worried about the exit. enough said. now let's switch gears a bit to another fx market. look at this chart going back to july of 2010. the dollar-yen once again on fire ain the dollar's favor. could be a fresh 29 1/2 month high on the side of the dollar. jim krcramer, it's all yours. >> let's check out the latest moves in energy and metals. sharon. >> definitely about china when you're talking about most of the commodities an the momentum that we're seeing in the commodities sector today. we are looking at oil prices broken out above 94% a barrel for the wti contract and that is significant. the fact that we did see from china december oil imports up 8% and year over year we're se
FOX Business
Jan 23, 2013 3:00pm EST
with the beginning of the exchange that the comes into the mario draghi. liz: employers will start saying can't cover it? >> it is different than that. what is happening is employers had passed off 50% of the increase in health-care costs to their employees. very slowly but surely employees are picking up larger and larger portions of health care. if the trend continues in the next five years employees will be paying as much for their health care as employers are so even if there's -- individuals will be shopping, they will be looking for the best deal and we will have a consumer market place regardless. liz: when you look at how the insurance industry has changed, what do you privately and i asking a of fox business viewers, what do you think we could do this so much better? >> here is the connection between the health care system and fiscal cliff. there are $750 billion waste in the system every year, 1-third of the health care economy. that was a report put out by the i o m, a bunch of doctors. if we solve that problem we would payback half the nation's debt in ten years. addres
Jan 11, 2013 4:00am EST
? superman, ironman, super mario draghi? whoever you like, e-mail us, tweet us. my produces asked me who i thought my favorite super hero was. it took my a while to think about it, but then i thought hong kong fooey. there you go. many happy memories. talking about hong kong, hong kong is set to influence sweeping reforms this year. the move is seep as a bid to attract high quality companies as it seeks to try and become more competitive against rivals in new york and singapore. mark is still with us. good to see you. are these rules going to have the desired effect, do you think? >> i think it's -- the rules are good. and i think in the long run, they will have the desired effect. i think the idea really is to continue to attract really good companies. but i think at some point it would enhance the overall quality and the standard of the stock exchange and i think in the long run, people will be attracted to think that the exchange is definitely a more credible one. so i think in the long run, they will have the desired effect. >> what in particular is a stand out improvement? >> i
Jan 4, 2013 4:00am EST
momentum. since july, really, it's the commitment from mario draghi to do whatever it takes to save the eurozone. the uncertainty that dominated the fist part of 2012 was all about what happens if the currency situation collapses. i think this positive momentum that we've begun to see in all the major indices, which is when i will they're showing below 50, this shows confidence is returning in both the manufacturing and services sector across the larger economy. it's telling us that the directional bias is the more positive one. people are committing further out in terms of their own anticipation expectations. so the detail, if you dig down into it in germany and france is affirming the message that companies are beginning to be more open-minded about upside in 2013 rather than risk in 2013 that things are going to be getting worse. >> and that's from -- as you suggest from those words that draghi, believe me, it will be enough. so are we getting into a more self-fulfilling virtuous state as opposed to a negative downward side? >> we've seen this on both sides. the minute policymake
FOX Business
Jan 10, 2013 3:00pm EST
have been taking place in the currency market. thanks to ecb president mario draghi, the ecb held the line on rates, and he said the european economy will slowly get back to health in 2013. that did lead to a big spike in the euro, the euro with a 1% break, $1.32 versus the dollar. big news, as you can see, $1.32 as you can see on your screen for one euro. now, weak dollar, euro strength translates into an up day for gold. the precious metal rising more than 1%. that is about $20. there you go, up $20 and change. silver playing in this rally as you can see on the bottom of your screen, up a little more than 2% right now. well, last but certainly not least, take a look at oil. crude back near $94 a barrel, we're at $93.89 right now. big move on this one. it's all about china. oil imports rising more than 7% last month, offsetting the bearish demand picture in the u.s. inventories which are sitting right now at five-year highs. now let's get to our floor show, because we've got traders standing by at the new york stock exchange, the cme group and, of course, the nymex. jonathan is s
Jan 2, 2013 4:00pm EST
europe mario draghi says he'll do whatever it takes to make sure bond yields never rise and greece, the stock exchange is up 33%. and ben bernanke says he's going to keep printing $1 trillion every year until the unemployment rate drops to 6.5% which will never happen unless everybody drops out of workforce so you have to go long here and you have 45 days of cover until we hit the fiscal canyon but they kick that or punt that one down the field again, and we'll have a pretty good year in nominal terms. >> okay. watch out, middle class though. don't go fill up your gas tank. >> michael farr, 45 days, do you agree or jump on here and say you don't fight the fed or don't fight any of these central banks. >> you don't fight the fed, you don't fight the central banks, and i think a shameful result for congress, a shameful result for america in the fiscal cliff that's turned into a fiscal farce, but i think it has all of the sign posts as to a very strong market. because, look, basically you -- the middle class and 99% of americans now know what their future tax rate's going to be and ki
Jan 10, 2013 4:00pm EST
. bernanke has told us, mario draghi, interest rates will be at rock bottom levels since 2015. >> money market rates will be there if they are true to what they are laying out but we don't know where bond yields will be here. >> a chart here of 30-year treasury yields on the federal debt ceiling. when would you expect these markets to start reacting? >> five years ago. >> and see a spike? >> five years ago. >> so it can happen any day. >> yeah. >> is there a catalyst that you look at that says, okay, the market will figure out that we can't afford any of this and can't pay our bills? >> the currency faith-based, the debt creole preposterous and the language is -- it is bent, and it does numb us as a body politic to the truth, so it seems to me that the bond market begins to encounter problems when people begin to focus on the meek of the word trillion. when they focus on the meaning of the reserve currency franchise that has that allows us to pay our bills and the dollars we materialize on a computer screen, when people continue our finances in down to earth, real sensitive ways -- >> y
Jan 23, 2013 4:00pm EST
cannot fight the fed and cannot fight mario draghi. >> you want to ride this as long as it will go. >> yes, we are. please don't mistake that bullishness temporarily for the bears. i feel the american, the japanese and american economy. there is going to be hell to pay and it's going to happen soon. >> you're holding your news and buying. >> neil henessey, can we get back to all-time highs for the dow and the s&p. >> oh, michelle, i think easily. if you look at the dow jones right now, the price-to-sales ratio is 1.28. the most it will go up to is 1.5 so that leaves 17% on the upside or if hundred points. more importantly you look at the s&p 500 companies, they are sitting on 1.5 trillion in cash, 1.5 trillion -- >> hold on. you think 2,300 points in the dow? what are you talking about? >> very much so. >> i mean. you're talking about the high in 2007, michelle, was when the price-to-sales ratio of the dow jones was at 1.8. we're 40% away from that number, but, i mean, the companies are in great shape. there's so much cash sitting on the sidelines, and at some point in time the inv
Jan 7, 2013 4:00pm EST
the fiscal cliff, the debt ceiling. in the fall of 2011 when mario draghi instituted the operation, that's the point we see markets really start to rally. by doing that he took the chance of a banking collapse off the table. that's why earnings have not fallen off a cliff. the rates of the estimate cuts have been getting less severe. majority of companies are guiding but a lesser rate. that's a positive delta. that's bullish for the market. >> got to love mario and ben, i think. thank you very much. we'll see you soon, guys. appreciate that. >>> looking for an investment option that won't hit you with a tax sticker shock? coming up our bonds expert tells us why muni bonds -- get the notebook out because he'll explain. >>> then life in the fast lane. some ponying up 1.6 million bucks to own a new car that habit even passed u.s. safety tests yet. our wealth editor robert frank takes one for a careful spin. stay with us. ♪ ♪ [ male announcer ] some day, your life will flash before your eyes. ♪ make it worth watching. ♪ the new 2013 lexus ls. an entirely new pursuit. [ male ann
Jan 24, 2013 6:00am EST
it's very critical. mario draghi and the ecb and how it handled monetary policy at a particular moment in time was critically important. so to try to stay on top of that and not only partially anticipate it, but to know when a change occurs, how to properly excerpt it and what does that mean in terms of the knock-on effect because everything is cause/effect relationships and causes happen before effects. and if you understand the cause/effect relationship, that's what it's all about. >> scott sperling who runs t.h. lee is back in the studio. >> hi, ray, how are you? you've done this spectacular job at being able to call macro trends very well, and sometimes very aggressively. one of the things that is -- we've noted over the last, particularly few months, is the use of judicious amounts of leverage on bond portfolios to try to emulate equity-like returns. i think risk parity is what they call it. and you've done a great job with that sort of thing. ist -- is that a mechanic or is that an indication of direction of attractiveness, relative attractiveness, of fixed income to the equity m
Jan 11, 2013 6:00am EST
yesterday was that mario draghi kind of reset the correlation between risk assets and euro. if you note the last couple of weeks we've had a big divergence where equities vr been rallying and europe collapsing. yesterday draghi said basically he thinks the situation in you're row zone has stabilized you saw equities and eurozone rally. you see the euro break highs of 33, 34, maybe go to 3500. >> how is that possible, though, based on draghi's comments, no problem, there's nothing to see here, don't worry about it? how does this not come back. the problems haven't been solved and if you look to spain's unemployment rate, how that's continued to soar, how do they get themselves out of this thing? >> the assumption basically is that the financial situation within europe has kind of stabilized. the periphery borrowing rates have come down substantially. >> that's true. the ten year has come down substantially in italy and spain and other places. >> exactly. you're actually right. to me the single biggest risk for everybody right now is not economic or political. we're actually doing re
Jan 10, 2013 6:00am EST
then? >> i got nothing. >> when we come back we will be monitoring the ecb president mario draghi's news conference. we'll bring you the highlights as we get them. plus a retailer that is getting hard-hit. on weaker than expected holiday sales. i don't spend money on gasoline. i am probably going to the gas station about once a month. last time i was at a gas station was about...i would say... two months ago. i very rarely put gas in my chevy volt. i go to the gas station such a small amount that i forget how to put gas in my car. [ male announcer ] and it's not just these owners giving the volt high praise. volt received the j.d. power and associates appeal award two years in a row. ♪ we replaced people with a machine.r, what? customers didn't like it. so why do banks do it? hello? hello?! if your bank doesn't let you talk to a real person 24/7, you need an ally. hello? ally bank. your money needs an ally. but don't just listen to me. listen to these happy progressive customers. i plugged in snapshot, and 30 days later, i was saving big on car insurance. with snapshot, i knew what i c
Jan 29, 2013 4:00am EST
. mario draghi met victoria grilli last night to discuss. officials had been questioning how much italy's central bank and mario montana ty's governmet knew about applying for state aid. they have rebounded. they are atop the euro stoxx 600 today. >> by the way, a lot of people say that's not a good thing having drinks with those two guys. >> be careful who you hang out with. >> yeah. be careful. >>> spain could be given more time to meet its equity targets. stephane is in madrid probably running away from the french employment minister bearing in mind his remarks. is that why you got out of france, because it's bankrupt, stephane? >> no. i went out of france for tax reasons. you know that. spain might be even more trying to reduce its public deficit over the next couple of years. european officials will not make a decision until next month when they will assess the spanish austerity program on the 22nd of january. it was explained that europe information would have to take into account the growth prospect of the fiscal space for each country in europe and could, indeed, soften th
Jan 3, 2013 4:00am EST
for mario draghi last summer, we certainly wouldn't have seen the scale of decline in bond yields. at the same time, those enactments or certainly the bond buying program wouldn't have been achieved had there not been a radical improvement in the policy agenda in some of the at-risk countries. there has to be a combination of the two factors. >> before we let you go, very briefly, the italian election is coming up. how are investors going to traipse through that? >> certainly what we've seen here is a very interesting situation where clearly investors are expecting policy continuity irrespective of the outcome, or the parliamentary election in february. i suspect that investors have been lulled into a false sense of complacency with regard to italy and in particular spain. and the ecb is partly -- is partly responsible for that. what is the actual effects of the ecb's bond buying program, the signal effects. mr. monti has raised the stakes considerably. he's entered the xap. he's poe lit sized the campaign. he's allowed the campaign to center around his own economic agenda. >> nic
Jan 3, 2013 9:00am EST
the game, you know go, so much different this time you can the fiscal cliff is important or mario draghi saying he was going to do everything to save the eurozone. these are huge events for market so it kind of distorts the run of the mill pattern of what history tends to teach us. was it always this way or are we in a different world now? >> it's probably different at the margin. if you recall backe to the 1974 era, new york city was effectively bankrupt. 1981, '82, mortgage rates, 30-year mortgage rates at 15.25%. le rhythm of the market is human nature doesn't change you can the players do, but human nature doesn't change. i think it is a mistake to get too bearish here. >> people who say fiscal cliff 2.0, hitting another rough spot that's all hype, you are going to be invested in this market? >> i have been, continue to be. i continue to think that 2013 is going to extend the economic recovery. you saw the housing figures come out the other day. you see the automobile figures come out today and despite those strong figures, the average life of a car in this country is still 12
Jan 25, 2013 9:00am EST
richer banks will return 137 million. today mario draghi was speaking. he said what the ecb has been able to do is have a pos contagi contagion. >> the level of economic activity is in the process of stabilizing at very low levels. we foresee a recovery in the second part of the year. it is a situation where you have what i called once a positive contagion on the financial markets. and for the financial variables. but we don't see this being transmitted into the real economy yet. >> there is one problem with the money that's being returned to the ecb. that's a danger that you create the perception of a two-tier banking sector in europe. those that will return cheap money to the banks and those that are weaker on the subject of weaker banks that we just mentioned. bmps, the third largest bank in italy. look for it to be bailed out over the weekend after that $1 is billion in trading losses they discovered from derivatives. you mentioned the uk. we should just note the uk contracted in the fourth quarter more than we thought. britain may have a triple digit recession -- no. a triple re
Jan 11, 2013 9:00am EST
-- take a look over the back, gosh, late in 2011. boy, have things changed because of mario draghi. let's show you also the euro -- i also wanted to show you the italian ten-year yield versus the u.s. let's go to the charge where they are yield versus year old. u.s. rates have been rising while italian rates are falling. it's been -- what's been so long a very steady pass, and while the ecb is doing that -- let's just move on to the euro, so we can show you the big move it has made, particularly today. so this is day two of the draghi effect. >> art just said they really only walepapered over the effect, but you have to admit -- >> their actual budget, if you could get rid of italy's interest payments, the actual budget is pretty close to being balanced, which is big statement, as opposed to ours, as opposed to greece's still, so in some ways they are closer. but you're right, carl. back to you. >> interesting. good stuff. get a check on energy here. sharon? that has seriously pressured brent crude prices. we're also looking at weakness in the metals, gold, silver, copper platinum, pallad
Jan 29, 2013 9:00am EST
they found this billion dollar derivatives that dates back to when mario draghi was in charge of the bank of italy. there is still a huge amount of concern in italy at a time when they may have to increase their austerity. today the finance minister is going to be up before and he is explaining exactly what went on with bribes paid in a take over. what did mario drag hye know? the danger is that this impacts the result of the italian election and that potentially get those nonmonti, nonausterity people having a greater say and that could upset the apple cart. for the moment it is a localized issue it would appear but there is the prospect it could influence the election further down the line. >> a lot going on there too. thanks, simon hobbs. we're keeping a very close eye on the dow getting closer and closer to 14,000. meantime let's check on energy commodities. >> as the dow moves higher we're also watching oil prices move higher. we just hit a new intraday high of 9773 hovering just under that level right now. wti hitting more than a four-month high. strong manufacturing data o
Jan 4, 2013 12:00pm EST
on the promise and -- the company measures. from mario draghi, only to name two, you have available to you some of the best brains on the planet which will help you to overcome the crisis and to find remedies. however, my presence here today is an opportunity thank you for your generosity and for your solidarity, and to recall that no country can fight its way out of poverty simply by handouts and charity. [applause] [speaking in native tongue] >> translator: secondly, haiti still needs your assistance, but the haitians, what they need is productive work. they need trained and they need direct investment. haiti is at the doors of the americas, north america, which is finding its way back to growth and this time did not have a crisis and has continued its growth. haiti is a strategic platform. it is an environment which is conducive to investment. it's a jumping off point which can permit european companies to participate in the reconstruction of our country, and to prepare to reach out to the rest of the region. we need ports, airports. we need roads. we need electricity generation
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